Orc Software (STO:ORC), the leading global provider of technology for advanced trading and connectivity, today announced that Erste Group Bank AG (Erste Group), a leading financial services provider based in Vienna, Austria, has selected an Orc Trading solution based on Orc Liquidator, to support the bank's future electronic trading needs including its plans involving automated trading.
This order marks the first commercial deployment of Orc Liquidator in the Central and Eastern European (CEE) region, where Erste Group is present in eight major markets. The order was booked in Q2, 2009, and the contract is based on Orc's licensing subscription model.
"Based on our positive experiences from using Orc Trading technology, Orc was certainly our first choice for supporting our growing automated trading requirements," said Stefan Doerfler, Head of Group Capital Markets, Erste Group. "Over the past few years, Orc has been instrumental in supporting our successful launches of several new business lines such as our warrants and certificates business, and by adding Orc Liquidator to our trading tools, we expect to repeat this success in the automated trading space."
As an Orc customer since 2003, Erste Group already relies on Orc Trading technology in its front-office operations involving listed equities and derivatives, and additionally some listed fixed income products.
"Erste Group has great experience from using Orc technology for competitive advantage in the past, and automated trading now presents another strategic opportunity to fast movers in the CEE region," said Anders Henriksson, Vice President Business Development, Orc Software. "Combining Orc Liquidator, which facilitates the introduction of advanced automated trading strategies, with Orc Connect services for high-performance access to all leading CEE markets, enables Erste Bank to build a leading-edge trading and connectivity system to support key areas for growing their business.